Chip manufacturer Microchip Technology Inc. is in talks to acquire semiconductor and system solutions provider Microsemi Corp., Reuters reported citing a source familiar with the matter.

The deal would value Microsemi, which has a current market capitalization of $7.55 billion, in the mid-$60 range per share. The two companies could reach an agreement as early as this week.

Both Microchip and Microsemi were unable to respond to requests for comments outside business hours, Reuters said.